The 11th China Futures Analyst and OTC Derivatives Forum will be held at Hangzhou Huanglong Hotel from April 22nd to 23rd, 2017. This forum will be based on the theme of “big integration, big data, big marketâ€. At the asset management sub-forum in the afternoon, a round-table discussion was held on the theme “How to build a good asset management groupâ€. 99 Futures participated in the conference as a special media. The following is a shorthand for discussion:
Tang Chi: Good afternoon everyone, we will first invite the guests at the round table to take a seat. Dear colleagues, distinguished guests, good afternoon, I am very happy to be on this sunny weekend, with everyone tools West Lake. I am the host of this roundtable forum, Tang Chi. Our theme is how to build an advantage in the asset management team. Next, we will focus on: the outlook of investment opportunities in the futures market in 2017; the market status and development experience of the futures FOF business; the development of the futures company's asset management business under the new situation; the latest cooperation mode and ideas of the bank and futures asset management. First of all, please introduce yourself. ,
Zhang Yunsheng: Good afternoon everyone, I am very happy to participate in this forum. I am from the Guangdong Futures Asset Management Department. Our scale is now about 6 billion. In 2016, the circulation is over 10 billion. Our business characteristics can be divided into several pieces. One is in the secondary market. If you are concerned about some announcements, we will participate in the placard in 2016. Some shareholders control the listed company. There is another piece of ours, FOF, the first product of our Guangdong Futures is MOM, MOM first season product 60 million scale, the second product is a FOF, now very popular product structure, we are getting Before the business qualification, I have been doing the investment camp. This piece we feel that the overall return is not bad, our FOF and MOM, FOF is about 1.75, silently about 1.1. There is also a part of our risk control, which has been tested. In the past two years, some new rules and regulations have passed. In the past two years, our Guangzhou futures have withstood inspections at all levels. There is also the last piece of our investment and research integration. This is a very big feature of ours. The CEOs of many research companies present here have exchanges. We are not doing what we are doing in this research. The original class of the research institute came over. The leadership of our company attaches great importance to the research institute and gives us some strategies. We will not conduct some screening by our assets, and we will do so if feasible.
I will introduce you here briefly, thank you.
Tang Chi: Below is the general manager of Minsheng Bank.
Li Chang: We are the earliest batch of commercial banks. We started banking banking in 2003 and 2004. Today, our scale is about 1.4 trillion. In the branch bank, there are three or four positions. Such a scale, in terms of his characteristics, I think it is the same as most banks of the same magnitude, which is a comprehensive asset management business. This comprehensive performance is so large that I can't have a big and prominent feature in any market. From this configuration point of view, we are also all-market to formulate, we have configurations from both inside and outside, from assets. In terms of categories, we also have an open market configuration, and non-public mayors also have configurations. So in general, it should be said that it is a domestic one, and the whole market should be the first few banks in the banking department. We do all the business, regardless of the configuration of the assets, but also from the sales side, and we are basically doing what we are doing in the market.
Fan Xin: Our company was established last year, mainly for the issuance and management of financial products. Since its establishment last year, the company has been issuing FOF products. Up to now, it has issued about 6 FOFs, with a scale of about 3 billion. From a strategic point of view, we mainly put these strategies in the CTA last year. This year we may put the strategies of stocks, bonds and abstentions in a comparative position. We are different from the mainstream institutions in the market. We mainly hope to give them a multi-faceted service. In addition, our own model, after a long-term physical verification, mainly we docked bank state-owned enterprises, listed companies, family finance, some institutional funds, through our strict risk standard control, so that the product gets some high on the risk-return curve The average level of revenue. In addition, we have also set up our own FOF Academy with the company, providing a platform for exchanges and interactions between some structures on the market and investors interested in FOF.
Meng Cheng: Gold Assets is a very young company. We became independent on April 30, 2015. We have four main strategies. In the past year or so, the tracking error is 5%. It is to give the top domestic single account, which is index enhancement. The second weekly strategy, from May to 2017 in 2015, we basically achieved profit, but it was weak, mainly because the cost of hedging was too high. In the past, it was basically a product issued by a private bank. The third is our quantitative multi-strategy Aiji, net worth, information, which is a new business that we have expanded from July 2016, including strategies for quantitative stock selection. In addition to this, we expanded our CTA strategy in 2015. Now there are two CTA lines in the magnitude range. Last year, there was a 10% return and a retracement of 5%. In another subjective transaction, we went to last year with nearly 90% of the transactions and 15% of the maximum retreat, so we felt that we had to walk on two legs. In the Chinese market, we need to study the basics. From the quantitative perspective, the amount of gold through financial instruments, through derivatives, to obtain long-term profitable strategies. thank you all.
Tang Chi: Below is Professor Hu Difeng from the Asset Management Department of Bank of Communications.
Hu Difeng: Good afternoon everyone, I am Hu Difeng. As a bank, we are like Li. As a domestic bank, most of the capital allocation will be carried out in the whole market. As we are still more focused on the capital mayor a little more. Our bonds have certain advantages. I am holding a learning attitude today. I also listened to the request of CICC to us this afternoon. I feel that I have benefited a lot. The four experts also spoke very well and it was a good learning opportunity for me. I am a capital market. Relatively speaking, we mainly do so. The first is about the investment and financing services of listed companies. This may be understood by everyone. Simple from the equity category, for example, the two funds include balancing funds around the listed company. We are all doing investment and financing services. The second around the brokerage, around the futures company's investment services, we currently mainly through the FOF model, the total investment of about 10 billion, we try to start in 2015, we are this one, which is equivalent to three people below ourselves. Our current income is about 1.04 yuan, which is still very good for us. With such practice, everyone knows very well that since last year, the bank has experienced a shortage of assets. When investing, banks will come. The more cautious. From the perspective of a large number of asset allocations, the equity category has become more and more important from the perspective of resident asset investment. We have increased our investment in futures capital, including FOF and other carriers, for equity classes this year. We have recently selected 6 FOF managers. Our underlying management is also actively communicating with the top management. We will communicate with you in the future work, and we will make the most suitable investment income for us to participate in the cycle. share it. We also hope that through the professional knowledge of everyone, everyone's previous accumulations and constant gains in the popular, contribute to our entire bank's earnings slightly higher than the bonds, to achieve a win-win situation.
Tang Chi: Thanks to Mr. Hu for his discussion, I believe that we are very interested in the business of the bank FOF. Finally, let me introduce our CITIC Yingshi, as a young asset management company. CITIC Yingshi was established on August 10, 2015 with a registered capital of RMB 200 million. As of December 31, 2016, CITIC Yingshi managed Nearly 100 asset management plans, the total assets under management has reached nearly 25 billion yuan, ranking the forefront of the futures asset management industry. Relying on the strong brand advantages and group status of CITIC Group, CITIC Securities and CITIC Futures, the company vigorously develops platform investment, channel investment and independent investment asset management businesses, actively explores innovative and customized asset management businesses, and continuously explores capital markets. Business, such as fixed growth, capital intermediary business, etc. The existing business partners have included domestic mainstream joint-stock banks, covering city commercial banks, rural commercial banks, etc., and have established good long-term cooperative relations with many brokers and futures. The company is committed to building a full range of active management capabilities in fixed income investment, equity investment, FOF and other fields, and strive to create an investment research team with a three-dimensional vision and core capabilities.
Let's move on to the next link. Many of our sites are investing. The most important thing is the round table of our sub-forum. Investment from the perspective of the futures market, we see that since the beginning of last year, in the fourth quarter of 2016, our entire domestic futures market has entered a process of wide fluctuations, many CTAs are facing performance pressure, I see the situation is 5 For the CTA of more than 100 million yuan, the overall net worth trend has been relatively general since last November. The market situation of wide and disorderly volatility has led to a large number of CTAs, especially the CTA of diversified strategies has not reached a new high in recent months. I would like to ask Zhang Zong of Guangzhou Futures, and Mr. Meng to start talking about 2017. The investment outlook of our future futures market.
Zhang Yunsheng: Let me briefly say that we have a very important message this year. Our judgment on the macro economy this year will increase the activity of our entire commodity. We generally think that the activity rate this year is not as big as 2015 and 2016. In the case of agricultural products, we still have a partial expectation. In the crafts we maintain a steady expectation. In fixed-income assets, we can increase the allocation. I have a little more fixed assets. We have a macro study of the whole company. I mean to understand a little, and it is also our company's point of view. I will introduce you briefly.
Tang Chi: Thank you, Mr. Zhang. I would like to ask Mr. Meng, when we communicate with our peers in the industry, we are very concerned about the performance of CTA products. Meng Zonglai introduced your company's thoughts on futures assets investment.
Meng Cheng: I think this year's adjustment is still a normal adjustment. Last year, the increase itself was very large. Active management is because of the price of crude oil at the time, many commodities fall near the cost price, and have great value. At that time, including rebar, these were the lowest in recent years. In the past year, the increase was so large. It is very shocking to make an adjustment this year. Last year, the entire CTA market was very popular. Any financial market is like this. In the future, it will not be quantitative investment or active management. As long as there are more people, there will be fewer opportunities. There was too much money to be integrated in the second half of last year, and this challenge is now necessary. From the perspective of the global economy, it is still good, but last year's sharp rise has two very important factors. One thinks that the online dynamics of China's economy will be very strong, but I did not expect that the various reasons did not reach the expected thinking. According to the current analysis, in the case that the global economy is not bad, this adjustment is actually beneficial to the future market development. Many commodities are worthy of our attention, so the strategy we are adopting today is a relatively light strategy, not only programmatic or subjective. Subjectively, we mainly look at the changes in the supply and demand of the industry in the future. At present, the macro economy is still good, but the position has not increased.
Tang Chi: Thank you, Mr. Meng. We said that the asset management business is divided into two parts: fundraising and investment. First of all, we must have funds, especially our futures assets, and our different private equity institutions, all of which spend a lot on the source of funds. Great effort, another specific investment business, because there are bank guests, let us share with you from your point of view, talk about your specific requirements for asset management companies. I have heard that many banks have high requirements for our private equity institutions and our asset management companies. One is that the scale management is large, and the investment performance is relatively long. Hu always gives us a message.
Hu Difeng: I mentioned it just now. After all, we are still a commercial bank. Our customers are still stable. We also report a solid strategy. For example, we have mentioned a large number of quantitative hedging, which is relatively high before the stock market crash. Others are still effective. Recently, because of the market factors, the configuration is relatively large. Of course, the market changes due to continuous changes. We quantify the hedging this year. The second one of our commercial banks considers at most a retracement. Everyone may have a better understanding of the bank's system and mechanism. The money earned can't be good for our team, but we lose a lot of pressure on the determination of responsibility. We are looking at a lot of institutions, including when we chose the upper management of FOF, we also did a lot of communication with them. We will think more about a retracement. It may not necessarily pursue higher returns for us. Of course, I have not specifically studied it. For us, the retracement can be controlled within 5, and the income can exceed the income of our current bank. It is a very ideal and ideal partner for us. I personally think that when our bank is looking for futures managers to cooperate, the two most concerned, the first retracement control I just mentioned, the effectiveness of the second model, can maintain a basically stable income. It is the most ideal for us. I am taking this view, thank you.
Tang Chi: In the equity investment section, if our products cooperate with banks, is the bank still biased towards expected profitability? From the perspective of Bank of Communications, will the future trend change?
Hu Difeng: The bank's own customers are stable. Just now, Mr. Tang said that it is right. The bank certainly hopes to have a bottom. This is our best, but especially after the bottom line was drawn last year, the supervision is getting stricter. I am in bond income. There are some bases. The first thing we are talking about is learning. It is also to improve our own understanding of products and investment operation capabilities. We understand the models, for example, the black swan that may exist, and the maximum understanding of the retracement. Second, In the case of controlled retracement, they will still actively invest in a batch, because after all, the requirements of supervision still de-leverage, we are still in accordance with the requirements of supervision, through their own efforts, but also through careful selection of managers, put us The investment security requirements are to be done.
Tang Chi: Let's ask Mr. Li from Minsheng Bank to talk about what kind of requirements does our Minsheng Bank have for our futures?
Li Chang: Let's talk about our configuration first. For example, related to our futures, there are some configurations in the quantification. We have started this since 2015. Related to commodities, it should be said that this year has already been done, we have also recruited two rounds of bidding, we are such an idea on its expectations and requirements, the first from our two years of practical experience, 2015-2016 Years included, now, in quantifying this piece, mainly in the allocation of the stock index, this piece should be said to bring us better returns, and the retracement and these things are more in line with our expectations, this is a . So let me say this, because since we started the stock investment bidding in the equity market in 2015, Minsheng Bank has invested in this piece, it should be said that there is a characteristic. The characteristics of our more active management are more obvious. Many times we will We have very specific requirements for investment, including the requirement to lower your position and leverage at this time. We will have instructions. We are more active in doing this. Therefore, including the choice of this piece, everyone has been talking about FOF. The form of FOF does not care whether the form is a fund. We don’t think so. From the bank, I have to manage more than 1 trillion yuan. I am on the bond. With 700 billion yuan, I have spent 100 billion in the equity market. I have been doing configuration. As for its form, it is not a fundamental difference. So from our point of view, when I listen to everyone's configuration, I talk about FOF. I gave it the choice of the first big "F". From our perspective, we may already be on our own level. When we make a large asset allocation, when we are investing in commissions, we actually value and strategy. For example, quantitatively, we subdivide it into neutral, quantify multiple strategies, and quantify hedges. , on several different types, for example, you are doing CTA, that is, when we are doing this ourselves, our choice of investment is relatively fine, where is your profit, where is your risk, suitable for What kind of market style is our own to examine. Look at your net worth performance, under different market conditions, is it in line with the style you say. When we shirk our investment, we will either withdraw money or invest according to your market's judgment according to your real style. In this choice, we are the first to ask for something more. . The second one is still a special event in the futures market. We must also emphasize that we have stricter requirements on norms. As a product manager, or if you are not a customer, our requirements are strict. Because after all, it is the product of the bank. The first principle of the bank's business is to standardize. We set a standard when we choose to vote. This standard must be met, and the higher the entry threshold, we only look at the open market. The performance that can be found. When we talk about investment from the perspective of futures, there is another point when we are doing asset allocation, we talk about the correlation between assets, and when the correlation is low, our income is guaranteed. We also hope that we will choose the futures market. Gu really wants to have his own characteristics, which is very prominent in this field. Instead of talking about quantification itself, let's take merchandise as an example. If you want to enter my investment, we still hope that you are very unique in your field. Regardless of which piece of you have characteristics in this respect, as a futures company, you come to the standard. This is actually very difficult for me to attract, because I have to recruit a lot of companies, they are Technical systems, personnel requirements, and financial requirements are difficult to supplement the allocation of our assets. For example, we now feel that in the commodity category, it has characteristics in the abstention market, but it is still quite attractive to me. I will say this.
Tangchi: Our asset management institutions operate in compliance and do their own unique investment business to attract the interest of banks. Fan Feng, general of Shanghai, please talk about FOT as a CTA style. When you look at the screening of investment, including the small "F" of these projects, is it the same as the bank's idea?
Fan Xin: Because our company is not entirely based on CTA, last year everyone knows that the stock market has always been a negative pole. We are a private enterprise after all, and we can do a lot of preparations like a bank. Last year we chose The CTA strategy is chosen under market conditions. In fact, we still hope to find some potential investment that needs to be hatched. What we value more is the growth of investment and his expandability. From screening, quantitative includes our choice of strategy, we mainly Quantification, hedging, and arbitrage are not within our choice. Why are we choosing these? The risk line of our investment is basically at 5%, and 15% and 12% are enough. Through this we now control our own risks, and there is a characteristic in the long-term investment, he will have some volatility. A lot of people will ask, you don't know if he is suitable for the current market. When we are doing a lot, we hope that all risks are ours. The employer does not take any risks. He only enjoys the benefits. We hope to cooperate with us. His trading cycle is not the 12 months of the product, because just like Mr. Meng said, as Dr. Wu said, many strategies take time to generate revenue. From the current market, many of the money that is paid for by the investment has a time limit. It will soon end for a December product, or there are some open products, if you just started On the retracement, if you do 1.3 yuan, 1.4 yuan, there will be a large number of investors will redeem, he will wait until you retire and then buy. We want to provide a stable strategy for investment. As long as your strategy is effective, but it does not match the current market, we will continue to vote. There may be some pressure on ourselves. We think that a FOF organization, like an institution like us, must now do something radical, so that these investments can develop. Probably these
Tang Chi: There are a lot of institutions nowadays to do similar FOF. Just now our guests have also said that if it is a wide-spreading configuration, the final FOF yield will be between 2% and 8%, from your actual In terms of circumstances, what is the average risk-return level of such a distinctive FOF?
Fan Xin: The FOF organization must have a very flexible configuration. The strategy adjustment should be timely, and we will adjust the investment proportion of some quantitative trends. From our own performance, the income of a single parent fund in a year is about 8%-10%, not too high. Of course, we also welcome many FOF organizations to cooperate with us. We hope to give us more of these growth, to be able to grow more quickly, and we can get more benefits from it.
Tang Chi: We just talked about a lot of FOF. Our theme is to build a good investment management team. What is the experience in building an investment research team?
Meng Cheng: I think that an entire asset management company actually needs two legs, especially in China. One is our investment research team. We must do a good job of investment. Everyone is looking at the benefits. A joke said that Chinese investors will give you six months of embarrassment, and six months of ineffectiveness will be divested. In our team, my partner, he has nearly 20 years of investment experience, I also pay attention to China's capital market for 20 years, I have done 15 years of professional financial media, and also done 6 years of private equity management, we Two people have to cooperate with each other, his re-engineering investment team, my focus on the overall work of risk control. The whole team is like a football team, with strikers, centers, avant-garde and goalkeepers. For us, we have to do everything we can to do our job in every position and do all these things well. In fact, because there are too few people, So I think we still have a lot to be like Zhang Zong, like banking, to constantly improve our ability, I will
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